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End-September 2011 GIR Level Reaches US$75.6 Billion


Preliminary data on the country’s gross  international reserves (GIR) as of   end-September 2011 reached US$75.6 billion, slightly lower by US$0.3 billion compared to the revised end-August 2011 GIR of US$75.9 billion 1 ,  BSP Governor Amando M. Tetangco, Jr. announced today.2  

The lower level of reserves at end-September 2011 resulted mainly from the payments by the National Government (NG) for its maturing foreign exchange obligations and revaluation losses on the BSP’s gold holdings on account of the decline in the price of gold in the international market.  These outflows were partially offset, however, by inflows from the foreign exchange operations and income from investments abroad of the BSP, as well as the foreign currency deposits by the NG of proceeds from a program loan from the Asian Development Bank.    

The preliminary end-September 2011 GIR could cover 11.1 months worth of imports of goods and payments of services and income.  It was also equivalent to 10.6 times the country’s short-term external debt based on original maturity and 6.3 times based on residual maturity. 3 

Net international reserves (NIR), which include revaluation of reserve assets, declined by US$0.3 billion to reach US$75.6 billion as of end-September 2011, compared to the end-August 2011 NIR of US$75.9 billion.  NIR refers to the difference between the BSP’s GIR and total short-term liabilities. 


1  The end-August 2011 GIR level of US$76.0 billion, which was released on 19 September 2011, was revised downward to reflect post-audit adjustments.
2   The final data on GIR are released to the public every 19th day of the month in the Statistics section of the BSP’s website under the Special Data Dissemination Standards (SDDS).  If the 19th day of the month falls on a weekend or is a non-working holiday, the release date shall be the working day nearest to the 19th.
3    Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments  on medium- and long-term

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